Bay Area Regional Transit officials selected a development team to revamp three city blocks above the Lake Merritt BART Station in Oakland.
The agency picked Strada Investment Group and the East Bay Asian Local Development Corp. to develop 1.4 acres into two high-rise towers with 519 homes and 517,000 square feet of commercial space.
EBALDC is one of Oakland’s top nonprofit housing developers with 27 communities in the city. San Francisco-based Strada has owned multiple office buildings in downtown Oakland and has developed multiple projects in various Bay Area cities.
The winning team beat out proposals from global real estate investor Hines, Menlo Park-based Lane Partners and a partnership of Oakland-based McGrath Properties Inc. and Canadian investor Brookfield Residential. Lane Partners came in second, according to a BART staff report.
The BART board will formally vote to select the Strada/EBALDC Team at its meeting Thursday and start a two-year exclusive negotiating agreement to finalize the project. if the two sides fail to negotiate a project in that time frame, BART could then give Lane Partners a shot without having to do another selection process.
BART has wanted to develop its land above the Lake Merritt Station for years. The goal is to boost BART ridership and attract more residents, businesses, and pedestrians to a relatively quiet stretch of Oakland nestled between the city’s core downtown and the lake.